HighPoint Advisor Group LLC Has $1.53 Million Stock Holdings in SoundHound AI, Inc. (NASDAQ:SOUN)

HighPoint Advisor Group LLC raised its stake in SoundHound AI, Inc. (NASDAQ:SOUN) by 29.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,872 shares of the company’s stock after purchasing an additional 17,420 shares during the period. HighPoint Advisor Group LLC’s holdings in SoundHound AI were worth $1,525,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Intech Investment Management LLC acquired a new position in shares of SoundHound AI in the 3rd quarter valued at $305,000. Charles Schwab Investment Management Inc. grew its position in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of SoundHound AI by 43.1% during the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock valued at $708,000 after acquiring an additional 45,750 shares during the period. Quantbot Technologies LP bought a new stake in shares of SoundHound AI in the 3rd quarter worth about $57,000. Finally, FMR LLC increased its position in shares of SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after purchasing an additional 25,989 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Diana Sroka sold 3,402 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly owns 138,850 shares of the company’s stock, valued at $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now directly owns 669,834 shares of the company’s stock, valued at approximately $6,631,356.60. The trade was a 4.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SOUN. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. DA Davidson lifted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, SoundHound AI has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Down 4.5 %

SoundHound AI stock opened at $8.12 on Tuesday. The company has a fifty day simple moving average of $11.68 and a 200 day simple moving average of $10.64. SoundHound AI, Inc. has a 1-year low of $3.50 and a 1-year high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.24 billion, a P/E ratio of -22.56 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

SoundHound AI Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.